Global sporting goods market to grow at a CAGR of rate of 4.1%; Adventurous sports goods demand to be highest.
Global Sporting Goods market is majorly propelled by rising number of sporting events and rising health concerns among consumers, according to our research report “Global Sporting Goods Market Outlook 2023”.
Regionally, the sporting goods market is segmented into North America, Europe, Asia-Pacific and Rest of World (ROW). Among these, North-America is anticipated to witness a significant growth and occupy the largest share of the sporting goods market by 2023.
Global sporting goods market is anticipated to expand with a higher momentum witnessing a compound annual growth rate of 4.1% over the forecast period i.e. 2016-2023. North America market is estimated to reach USD 35 billion by the end of 2023 and the market is anticipated to reach market share of 40% to the global market by the end of forecast period.
Global sporting equipment market is expected to reach USD 82 billion by the end of 2023; this can be attributed towards huge sale of sporting product by E-commerce means. Asia-Pacific market for sporting goods is anticipated to expand at a higher pace over the forecast period owing to the developing sporting infrastructure of developing countries coupled with the government initiatives to promote sporting activities in the region.
Rising Number of Sports Events: Major Uplift
Sporting good market is majorly propelled by rising number of sporting events such as Olympics, common wealth games etc. In addition to this, young generation is more active to adopt sporting activities as their future career. This has increased the participation of young consumers in sporting activities which will further fuel the demand of sporting goods in upcoming 5-6 years.
Rising Health Concerns among Consumers: Impetus
Rising health concerns along with the increasing personal disposable income of consumer has forced consumers to adopt at least one sporting activity in their daily routine. Government of developing countries such as India and China are making huge investments to develop sports infrastructure in the country. Governments in these countries are launching various sporting scholarships to encourage the participation of young generation in sporting event. These factors are anticipated to spur the growth of sporting goods market across the globe.
The report titled “Global Sporting Goods Market Outlook 2023” delivers detailed overview of sporting goods market in terms of market segmentation by product, by distribution channel, by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the sporting goods industry which includes company profiling of Adidas, Amer Sporting, Jarden, Mizuno, Nike etc. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview on the global sporting goods market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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For further details:
Ajay Daniel
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